In October 2020, the G20 endorsed a roadmap to enhance cross-border payments in response to the fragmentation of payments messaging standards across the globe. The Financial Stability Board, in collaboration with the committee on payments and market infrastructures at the Bank for International Settlements, is working to improve the efficiency of cross-border and electronic payments.
Harmonised progress and clarity are essential in the face of the challenges that are starting to emerge around central bank digital currencies and digital payments technology. Key questions about effective policy implementation, new system infrastructure to combat financial inclusion and the landscape of cybersecurity and new vulnerabilities remain unanswered.
For the virtual launch of OMFIF’s annual ‘Future of Payments’ report, our event will discuss the frictions involved in cross-border payments and the role that innovative technologies have to play in removing them. The panel will explore both the technical and regulatory changes necessary to make payments quicker, safer, cheaper and more accessible. As the metaverse takes shape and digital currencies gain in notoriety, we examine whether these have the potential to improve cross-border payments, particularly for emerging markets where unreliable fiat currencies often make new solutions more attractive.
14:00 – 15:15 (London)
09:00 – 10:15 (New York)
22:00 – 23:15 (Singapore)
Co-founder and Chief Information Officer
Chief Revenue Officer (CRO)
Bank for International Settlements
Strategic Programme Director Cross-border Payments
Visa Economic Empowerment Institute
This discussion is part of the OMFIF Digital Monetary Institute. The OMFIF Digital Monetary Institute is a high-level forum which convenes key policy-makers, technology experts, investors and regulators to explore the challenges, opportunities and implications of digital finance in the 2020s. See more information on OMFIF’s DMI here. Please contact firstname.lastname@example.org directly for membership details or register your interest below and we’ll be in touch.